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A Montenegrin high court in Podgorica has revoked Terraform Labs co-founder Do Kwon's bail. According to a May 24 Bloomberg report, a spokeswoman for the court Marija Rakovic said the court decision also affects the company's former CFO, Han Chong-Joon.
The Terraform Labs co-founder remains in a Montenegro jail.
In a surprise turn of events, the Montenegro High Court has reversed a previous decision permitting controversial Terraform Labs co-founder Do Kwon to be released on bail.
A higher court in Montenegro on Wednesday scrapped bail of 800,000 euros ($880,640) previously granted to Do Kwon, a cryptocurrency entrepreneur charged in the U.S. with a multibillion-dollar fraud, and his ally pending a trial.
Crypto News: According to recent reports, the bail approval of controversial crypto entrepreneur Do Kwon and his subordinate Han Chang-Joon has been scrapped by the Montenegro High Court. The decision comes after the local prosecution team contested the bail, alleging that the defendants had no intentions of staying in Montenegro as they were initially planning
South Korea's Ministry of Justice issued an opinion to the Ministry of Justice of Montenegro saying that Terraform Labs CEO Do Kwon should not be released on bail.
Binance, one of the world's largest cryptocurrency exchanges, has recently announced its support for the upcoming network upgrades of Fetch.ai (FET) and Terra Classic (LUNA). This move aims to enhance the functionality and performance of these blockchain projects, providing users with improved features and capabilities.
Quick Take Bitcoin supply, last active 1+ year ago, has hit a new all-time high: the percent of circulating supply that has not moved in at least one year. This metric has surpassed 68% for the first time.
Embattled Terra (LUNA) founder Do Kwon is reportedly having his bail conditions appealed by Montenegrin prosecutors.
LUNA was one of the market's top performers once, with the altcoin reaching the top 10 cryptocurrencies by market value in 2021. However, the situation is hardly the same anymore.
Crypto News: According to recent reports, the local prosecution team has contested the bail approval of controversial crypto entrepreneur Do Kwon and his subordinate Han Chang-Joon in the basic court of Montenegro. This comes after Kwon's legal team secured court approval on May 12 to release the defendants on bail which accounted for nearly 400K
After being granted bail by a court in Montenegro, Terra co-founder Do Kwon reportedly removed digital assets worth around 2.8 billion won ($2.15 million), according to several reports from South Korean media agencies.
The State Prosecutor's Office in the capital Podgorica filed an appeal contesting Do Kwon's bail.A Basic Court approved a bail worth £400,000 ($437,000) for the TerraUSD creator Do Kwon and another Terraform executive Han Chang-Joon a day after their lawyers filed the request.Authorities from South Korea and the U.S. want to extradite Kwon for trial in Terra's $40 billion collapse saga. The bail granted to TerraUSD creator Do Kwon and his fellow Terraform Labs executive Han Chang-Joon by a Basic Court in Montenegro was contested by local prosecutors nearly a week later.
Stablecoins worth $400,000 and LUNC worth $150,000 were allegedly removed from accounts maintained by Terra co-founder Do Kwon.
Case files on the prosecutors' appeal were sent to the Supreme Court in Podgorica for a decision.
Terra co-founder Do Kwon reportedly withdrew 2.8 billion won ($2.15 million) worth of digital assets before his bail was approved by a Montenegro court, according to reports by several South Korean media outlets. CoinGape Media earlier reported that Terraform Labs, co-founded by Do Kwon and Daniel Shin, transferred 1.8 million Convex Finance (CVX) tokens worth
Montenegrin prosecutors stand on Kwon's way to get released from detention.
The $600 million cross-trading relating to the "Luna and Terra" that precipitated the meltdown was taken out on the South Korean crypto exchanges.
After the Montenegro court recently approved the decision to allow Do Kwon - co-founder of Terraform Labs, to be released on bail, local prosecutors are protesting this decision.
Chicago-based crypto trading firm Jump Trading is once again facing scrutiny from the U.S. Securities and Exchange Commission (SEC) as new court filings shed light on a clandestine agreement between the company and the now-defunct Terraform Labs regarding the TerraUSD stablecoin.
According to the U.S. SEC, Do Kwon allegedly hid Jump Trading's $1.2 billion role in propping up TerraUSD in 2021.
Do Kwon cashes out $500,000 in $USDT and $2.3M of $LUNC before being released on bail.
Recent court filings made by the SEC confirmed that Chicago-based Jump Trading entered a secret deal with Do Kwon and Terraform Labs to prop up TerraUSD a year before its collapse.
Do Kwon, co-founder and CEO of Terraform Labs sold crypto assets LUNC and USDT for a countervalue of $2.8 million before being released on bail in Montenegro, where he was previously detained.
